2006 Michigan Compiled Laws - Mich. Comp. Laws § 570.103 Bond of contractor on public works; execution, sureties, conditions.

PUBLIC BUILDINGS AND PUBLIC WORKS; BOND OF CONTRACTOR (EXCERPT)
Act 187 of 1905


570.103 Bond of contractor on public works; execution, sureties, conditions.

Sec. 3.

Such bond shall be executed by such contractor to the people of the state of Michigan in such amount and with such sureties as shall be approved by the board of officers or agents acting on behalf of the state, county, city, village, township, or school district as aforesaid, and shall be conditioned for the payment by such contractor to any subcontractor or by any such contractor or subcontractor as the same may become due and payable of all indebtedness which may arise from said contractor to a subcontractor or party performing labor or furnishing materials or supplies or any subcontractor to any person, firm or corporation on account of any labor performed or materials or supplies furnished in the erection, repairing or ornamentation of such building, improvement or works: Provided, however, That the principal contractor shall not be required to make payment to a subcontractor of sums due from the subcontractor to parties performing labor or furnishing materials or supplies, except upon the receipt or the written orders of such parties to pay the sums due them to subcontractors. Such bond shall be deposited with and held by such board of officers or agents for the use of any party interested therein.


History: 1905, Act 187, Eff. Sept. 16, 1905 ;-- CL 1915, 14829 ;-- Am. 1925, Act 384, Eff. Aug. 27, 1925 ;-- CL 1929, 13134 ;-- CL 1948, 570.103



Disclaimer: These codes may not be the most recent version. Michigan may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.